Wednesday, January 12, 2022

Notes From All Over -- January 12, 2022

COP investor presentation, January 12, 2022. Link here. Only seven slides including a title slide and a disclaimer slide. I find it amazing when a corporate presentation addresses one issue: the dividend. Seriously?

  • clear priorities:
    • sustain (not grow) production
    • pay dividend; annual dividend growth;
    • "A-rated" balance sheet
    • > 30% of CFO shareholder payout
    • disciplined investment to enhance returns
  • value:
    • 1.8 million boepd, 2022 production
  • 3-tier distribution framework to include variable return of cash (VROC)
    • tier 1: ordinary dividend
    • tier 2: share repurchases
    • tier 3: VROC -- yes, when declared, payments staggered with ordinary dividend
  • 8 + 4: a "dividend" each month? that's what it looks like
  • first VROC, $0.20/share -- increases first-quarter cash return by almost 45% above ordinary dividend
  • total 2022 expected distribution increase of $1 billion or 16% over that of 2021

Saudi Arabia to invest in European refinery just west of Russia: link to Charles Kennedy:

  • Gdansk, Poland
  • 30 percent share
  • 210,000-bpd refinery
  • refinery partner: BP, the world's largest oil company and top oil exporter

No comments:

Post a Comment